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East Pipes Integrated enters new deal with oil giant Aramco

East Pipes Integrated enters new deal with oil giant Aramco
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SAUDI ARAMCO
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Riyadh – Mubasher: East Pipes Integrated Company for Industry has signed a contract valued at more than SAR 170 million with Saudi Arabian Oil Company (Aramco) on 6 December 2023.

Upon the terms of the deal, East Pipes Integrated will provide Aramco with the service of coating steel pipes for 20 months, according to a bourse disclosure.

As for the financial impact of the contract, East Pipes Integrated expects it to reflect on its income statements starting from the first quarter (Q1) of fiscal year (FY) 2024/2025 until Q2-25/26.

On 30 November this year, the two companies penned a manufacturing and supply agreement amounting to SAR 153 million.

During the April-September 2023 period, which represents the first half (H1) of FY23/24, East Pipes Integrated generated net profits worth SAR 2.23 million.

The Saudi oil giant Aramco, meanwhile, achieved a net profit of SAR 354.54 million during the first nine months (9M) of 2023.